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Banks, Financial Industry Hit by Rising Ransomware Attacks

Bloomberg via Wealth Management: “Ransomware gangs didn’t come out with any big new innovations last year, but “what 2022 lacked in innovation it made up for in volume,” according to a report by a financial services group. In its annual outlook on cyber threats, the Financial Services Information Sharing and Analysis Center, or FS-ISAC, reported that ransomware remained the biggest concern. The increase in attacks was likely due to the proliferation of the ransomware-as-a-service model, in which hacking groups provide “affiliates” with the malware and services necessary to carry out an attack, in exchange for a share of the criminal proceeds.  The analysis of the financial services industry comes as other recent news on ransomware has been positive. Some cybersecurity experts have reported that ransomware attacks appeared to be declining — though tracking overall incidents is difficult — and that fewer companies are making extortion payments. “It’s still keeping us quite busy,” said Teresa Walsh, FS-ISAC’s global head of intelligence. “For us anyway, ransomware has not abated.” FS-ISAC shares cyber intelligence among financial institutions around the world…”

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